NEW YORK, July 16, 2012, 2:00 p.m. EDT -- Alcoa, the world's leading producer of primary and fabricated aluminum, has announced it has reached an agreement with its partner Novelis to assume full control of the Evermore Recycling joint venture with effect from August 31, 2012. The current joint venture has seen the two companies purchase more recycled cans than any other group, anywhere in the world.
Novelis has confirmed its decision to withdraw from the joint venture and said in a statement it will now procure all used beverage cans for its recycling plants in Greensboro, Ga., Berea, Ky., and Oswego, N.Y., directly through a new organization.
In a statement, Derek Prichett, vice president of global recycling for Novelis has said:
"This move is in line with our global strategy to enhance our scrap procurement and recycling assets to support our goal of achieving 80% recycled content in our products by 2020,"
"The ability to independently control our assets and manage our business will provide us with more flexibility to execute our strategic plans. This is the primary driver behind our exit of Evermore".
As a result of the new agreement, Alcoa will take over full ownership and operation of Evermore Recycling and make it part of Alcoa's Global Packaging group. Alcoa's Evermore Recycling will continue to be based in Nashville, TN. Employees of the joint venture are being given opportunities to join the respective companies.
Andrey Donets, President of Alcoa Global Packaging is reported as saying:
"Alcoa's Evermore Recycling is known throughout the world for its strong and committed relationships across the recycling supply chain and for its ability of making it easy to work together effectively. When the opportunity first presented itself, we immediately said we wanted Evermore. We are confident the strong relationships we have in the scrap market will grow even stronger as we take over full control of the company."
"We've been a leader and pioneer in recycling since the aluminum can was invented and we see great opportunities in this new chapter to deepen our rich heritage in recycling,"
The aluminum can is the most sustainable package in the world and is easily the most recycled container across the globe. Aluminum cans are recycled into new cans in less than 60 days and require 95 percent less energy than cans using primary metal - a cycle can be repeated infinitely. Approximately 75 percent of all the aluminum ever produced since 1888 is still in use today.
Alcoa is as well as the world's largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa(R) wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa's operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for 10 consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 61,000 people in 31 countries across the world. More information can be found at www.alcoa.com.